Outgoing Square One CEO Craig Alexander's departure is not sudden, as it has been coming for a while, he says.
He adds that the relationship will continue as his former company has a stake in his new venture, Safe City Solutions, a provider of technology for the security industry.
On Monday, JSE-listed group Square One announced Alexander had resigned with immediate effect, but gave no reasons for this, or what his future plans are. The group, which used to be focused on distribution of products such as Xerox and Hewlett-Packard, has now become a services company.
It has been particularly active in the public sector, having secured a place on the State IT Agency's list of preferred suppliers, and has also been involved in Telkom's strategic fibre deployment.
“I was given a specific mandate when appointed as CEO four years ago and that goal has been reached. The board wanted Square One to move out of distribution [and] into services, in an organic manner and that change has happened,” Alexander says.
The board still has to make a final decision on the appointment of a new CEO, he adds.
Square One was a creditor in the controversial Choice Technology Holdings liquidation. Alexander says the issue is now closed and Square One has received nothing of the R2.6 million owed to it.
“We did try a corporate rescue plan, but their liabilities far outweighed their revenue and there was no hope.”
Alexander's new venture aims to leverage the market for hi-tech security products in SA, ahead of the 2010 Soccer World Cup.
“We have teamed up with some Israeli manufacturers and offer solutions that will cater specifically for the South African market. The reason why Square One is involved is so that we can use their cabling skills,” he says.
Another of Square One's directors, Nick Niewoudt, is moving with Alexander to Safe City Solutions.
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